The global seafood market is poised for substantial growth over the next decade, with projections estimating a market size of USD 157,042.9 million by 2033. This marks a notable increase from its current valuation of USD 114,608 million in 2023, reflecting a compound annual growth rate (CAGR) of 3%. As the market evolves, key drivers such as the expanding tourism industry, advancements in 3D printing technology, and a growing emphasis on sustainability are expected to shape the future of the seafood industry.
The seafood industry has long been a vital component of the global food supply, providing a primary source of protein for millions of people worldwide. Historically, the market demonstrated steady growth, albeit at a modest pace, with a CAGR of 1.6% from 2018 to 2022. However, the next decade promises to usher in a period of accelerated expansion, buoyed by emerging trends and technological innovations.
Growing Demand for Seafood
Seafood’s role as a lean, nutritious source of protein continues to drive its demand across global markets. Consumers are increasingly recognizing the health benefits associated with seafood, particularly its high concentration of omega-3 fatty acids, vitamins, and minerals. This growing awareness has led to a surge in demand for seafood products, with a significant portion of this demand coming from health-conscious consumers seeking to incorporate more seafood into their diets.
Moreover, the inelastic nature of seafood demand—where price fluctuations have minimal impact on consumer purchasing behavior—has contributed to the market’s stability. As a result, despite potential price volatility, seafood remains a staple in many diets, reinforcing its status as a premium and in-demand protein source.
Key Market Drivers
- Tourism and Hospitality Industry Expansion:
The tourism and hospitality sectors play a crucial role in promoting seafood consumption. As global travel resumes post-pandemic, restaurants, hotels, resorts, and cruise ships are capitalizing on the growing interest in seafood by offering a wide array of seafood dishes. This trend is expected to continue, with the tourism industry serving as a significant growth driver for the seafood market. - Technological Advancements in 3D Printing:
One of the most exciting developments in the seafood industry is the emergence of 3D printing technology. This innovation offers unprecedented opportunities for product customization and experimentation, allowing for the creation of seafood alternatives tailored to specific tastes, textures, and dietary requirements. 3D-printed seafood not only caters to diverse consumer preferences but also aligns with the growing demand for sustainable and ethical food options. By mimicking the flavor and texture of traditional seafood while minimizing environmental impact, 3D printing is set to revolutionize the seafood market. - Sustainability Initiatives:
Sustainability has become a central theme in the seafood industry, with consumers and retailers placing increasing importance on ethical fishing and aquaculture practices. Certifications from organizations like the Aquaculture Stewardship Council (ASC) and the Marine Stewardship Council (MSC) have gained prominence as indicators of sustainable sourcing. As companies strive to meet these standards, they are not only reducing their environmental footprint but also gaining a competitive edge in the market.
Market Segmentation and Regional Insights
The seafood market is diverse, encompassing a wide range of products and forms. Among these, shrimp emerges as the most popular type of seafood, favored for its versatility and distinct flavor. Other popular seafood varieties include salmon, tuna, and crab, each offering unique culinary experiences.
In terms of form, both fresh and frozen seafood are poised to generate significant revenue. Fresh seafood is often preferred for its superior quality and minimal processing, while frozen seafood offers convenience and extended shelf life, making it accessible to consumers in regions far from the coast.
Country-wise Insights:
- India: India’s seafood market is experiencing unparalleled growth, with a CAGR of 29.6% in 2022. The country’s diverse culinary traditions and growing export market, particularly in shrimp, are key contributors to this rapid expansion.
- China: As the world’s largest seafood consumer, China’s market grew at a 5.7% CAGR in 2022. The nation’s robust aquaculture industry plays a pivotal role in meeting both domestic and global seafood demand.
- United States: The U.S. seafood market expanded at a 23.4% CAGR in 2022, driven by rising sustainability initiatives and a strong aquaculture sector.
- United Kingdom: Despite the challenges posed by Brexit, the UK seafood market grew at a 6.0% CAGR in 2022, highlighting the resilience of the industry amidst changing trade dynamics.
- Japan: Japan’s seafood market registered a modest 2.6% CAGR in 2022, reflecting the country’s deep-rooted seafood culture and preference for high-quality, fresh products.
Competitive Landscape
The seafood sector is frequently characterized by fragmentation, with several small- to medium-sized players competing in different market segments. This comprises aquaculture producers, processors, merchants, and distributors. This fragmentation is a result of the sheer variety of seafood items available and the variety of captured or raised species. While there is a trend toward consolidation among larger fish enterprises, there is also fragmentation at the grassroots level. These businesses may be heavily involved in several facets of the seafood supply chain, including fishing, farming, processing, and distribution. Consolidation may result in economies of scale, improved market accessibility, and improved supply chain management.
Recent Developments:
- Four new retail locations will open in Chennai’s Mogappair, OMR, Adayar, and Ambattur neighborhoods, announced Freshma in July 2023, one of the top omnichannel fresh seafood retailers in South India. The Gowriwakkam, Anna Nagar, Rajakilpakkam, Egmore, and Vadapalani stores are already very well-liked, but the Chennai-based D2C brand hopes to gain market share with the new locations. After the venture’s outstanding performance in the previous financial year, when the brand, under the renowned RRK Retail Pvt. Ltd., netted a stunning 15 crore turnover, the business expects to build ten or more outlets in the upcoming fiscal year.
- Five new seafood products were added to Whole Foods Market shelves across the United States in July 2023, according to a recent announcement from Wild Planet Foods, a pioneer in sustainably obtained seafood that seeks to make fishing a force for good. Wild World, renowned for offering unmatched flavor, offers these new SKUs to consumers who want to improve their health and the world’s health by acquiring premium, high-quality canned fish products that put sustainability first.
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Key Companies in the Seafood Market
- Amalgam Frozen Foods Pvt. Ltd. (AFFL)
- American Seafoods Company
- Austevoll Seafood ASA
- Cooke Inc.
- Dongwon F&B
- Faroe Seafood
- Handy Seafood Inc.
- Hansung Enterprise Co. Ltd.
- High Liner Food Incorporated
- Kangamiut Seafood A/S
- Lee Fishing Company
- Leroy Seafood Group
- Lyons Seafoods Limited
- Mowi ASA
- Pacific Seafood
- Phillips Foods Inc.
- Princes Ltd.
- Sajo Group
- Shanghai Fisheries Group Co. Ltd.
- Stolt Sea Farm
- Surapon Foods Public Company Limited
- Tassal Group Limited
- Thai Union Limited PCL
- Tri Marine International Inc.
- Trident Seafoods Corporation
- Young’s Seafood Limited
- Zhangjiang Guolin Aquatic Products Co. Ltd.
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